European markets, except a modestly lower FTSE, gained between 0.7%-1.2%. Eurozone composite PMI jumped to a 46-month high of 54.1 in March, well above forecasts

A Greek government official said that the country was going to present a reform package to the Eurogroup of finance ministers by next Monday.

AT HOME

Benchmark indices ended marginally lower after a choppy trading session, extending the losing streak to fifth straight day. Sensex settled at 28162, down 30 points while Nifty lost 8 points to finish at 8543. BSE mid-cap and small-cap indices lost 0.4% and 0.6% respectively. BSE Healthcare and Consumer Durable indices gained 1.8% and 0.7% respectively, becoming top gainers among the sectoral indices while Auto index and Bankex were the top losers, down 1.2% and 0.6% respectively.

As we have been mentioning Nifty is witnessing retracement of the entire 7961-9119 upmove. The benchmark has already retraced 50% of this upmove at 8540 and crucial 61.8% retracement level is placed at 8403. Before that, 8470, the bottom made in Friday, would be the intermediate support to eye.

On the way up, 8650 continues to be immediate resistance, with the stop loss of which short positions can be held on to. Above 8650, 34-DMA, placed around 8740, would be the tougher hurdle to eye.